Home renters to provide more platform sales VAT info
In last week’s Norwegian 2022 budget, the government is proposing obliging homeowners renting out their properties on digital platforms to share transaction details. This includes sundry services alongside any rental income details. This is to help drive improved Value Added Tax collections.
The Norwegian VAT registration threshold is NK 50,000 (just over €5,000) per annum. This means any regular house renter will quickly be liable to register and charge VAT. The current VAT rate in Norway is 25%.
Income tax may also be due on short-term rentals. This is calculated on a tax base of 85% on income earned about a NOK 10,000 threshold.